Trader Noble Market Commentary 20/08/2021

On 20/08/2021 is bringing you Bryan Noble. U.S. Equity Markets reversed morning losses to end yesterday’s volatile trading session mixed as the Small Cap Russell 2000 closed with a loss of 1.19% while the S&P 500 closed with a small 0.19% gain. Markets opened lower, before recovering and chopping around for the rest of the day. The Federal Reserve’s Minutes from Wednesday evening helped push markets lower. Essentially, the Fed indicated that it will begin pulling support from the economy soon. However, Jobless Claims helped markets rebound. Weekly jobless claims hit the lowest level since the pandemic’s onset at 348,000. The four-week moving average sits at 377,750 versus 396,250 last week. It was 1,027,000 a year ago. Continuing Claims, which represent those who have filed for unemployment for at least two weeks, were 2.82 million versus the expectation for 2.8 million and 2.86 million in the week prior. There were still concerns about the COVID-19 Delta variant, as Goldman Sachs lowered its US. Gross Domestic Product forecast because of the increased risk of infections. European Markets again closed lower. Investors unwound exposure to risk-based assets, as the Federal Reserve signalled it could start tapering bond purchases before year’s end, signalling the “easy” gains may have been made. A survey from the German Chamber of Industry and Commerce showed supply chain bottlenecks across almost all industries. The European Central Bank said regional bank capital returns should remain “prudent” and below pre-pandemic levels when buybacks and dividends resume later this year. In Asia, China’s regulatory authorities said the country would strengthen credit-rating agency supervision and improve information disclosure, while vowing “zero tolerance” on debt evasion. Japan’s manufacturing confidence hit its highest level in more than three years, according to a Reuters poll, as companies were increasingly optimistic about demand rebounding. Austral…

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